Wednesday, June 28, 2023

Swiggy's losses increased by 80% in 2022: An investor filed paperwork on

 BENGALURU: Swiggy experienced a deficiency of $540 million (over Rs 4,400 crore) in schedule year 2022, information extrapolated from its financial backer Prosus' 2023 yearly report shows. This is an increase of 80% over the previous year.

The Dutch investment firm, which owns 33% of Swiggy, said that its investment in the quick-service grocery delivery company Instamart led to an increase in its share of the food ordering company's trading loss from $100 million in FY22 to $180 million in FY23.

According to Prosus, Swiggy increased its focus on the profitability of its core restaurant food-delivery business during the financial year 2022-23. The company's CEO recently announced that Swiggy had turned profitable in March 2023 (after taking into account all corporate costs) following an investment phase.

“Swiggy also focused on its journey toward profitability in FY23, as evidenced by its financial performance. Swiggy has focused on reactivating users, increasing monthly frequency, and increasing user conversion over the past two reporting periods. With over 272,000 enabled restaurants on its platform, 155% higher than pre-Covid levels, and a GMV (gross merchandise value) of $2, its FY23 results demonstrate the advantag

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